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Financial Inclusion Group Proposes User-centric Digital ID, Biometric KYC Policy Model
According to the AFI model, digital IDs and biometric KYC verification must be deployed by busine...
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Hong Kong Police Reveals 822 Romance Scams Occurred in 1H of 2021
The Hong Kong Police has advised the public to remain cautious when meeting people online due to ...
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AUSTRAC Denounces De-banking Practices To Prevent Financial Crimes
AUSTRAC stated that de-banking is a complex global problem as it multiplies the risks faced by fi...
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US Launches First Criminal Prosecution for Alleged Cryptocurrency Sanctions Case
Criminal charges are issued by the US Justice Department for the first time for transmitting more...
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Croatian Finance Ministry Proposes New Bill to Combat Money Laundering
The Croatian Finance Ministry has introduced a new bill for state institutions to monitor the ban...
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Money Laundering Concerns Prompt Hong Kong Banks to Reject Crypto Transactions
Despite the Hong Kong government’s encouragement, two banks have rejected crypto activities...
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Experts Warn that Scammers are Exploiting EU Users on Meta’s Threads
Meta’s Threads app has become the newest platform for cyber scammers to commit identity theft, cr...
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ABA House of Delegates Amends the AML Model Rule to Curb Financial Crimes
The House of Delegates amended the ABA Model Rule of Professional Conduct 1.16, which covers decl...
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Estonia’s New AML/CFT Regulatory Regime Sparks 80% Downfall in Licensed Crypto Firms
Since May 2023, Estonia’s updated crypto AML/CFT regulations have resulted in an 80% reduction in...
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Australian Payment Network Reports 9.2% Increase in Payment Card Fraud
AusPayNet reports that the e-commerce industry experienced a 9.2% rise in payment card fraud due ...
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Sri Lanka’s blockchain KYC platform to initiate ‘Shortly’: Central Bank
According to Daily Mirror Online, the Monetary Board has now finalized three software development...
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The UK Introduces Beneficial Ownership Register for Overseas Entities
The implementation of the UK government’s Economic Crime (Transparency and Enforcement) Bill has ...
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Australian Housing is the “Destination of Choice” for Money Laundering – Says Serena Lilywhite
Weak, outdated money laundering and terrorist financing laws are creating havoc in the real estat...
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Atomic Wallet Hack Results in $35 Million Loss as Investigation Continues
Atomic Wallet users have reported losing millions of dollars worth of cryptocurrency. It was anno...
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US Targets More Russian Yachts Linked to Putin as Part of Extended Sanctions
The Treasury Department has expanded its Russian sanctions to target Moscow’s access to yachts as...
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The Age Verification Software Market to Experience Tremendous Growth by 2025
The increasing number of scams in today’s virtual world needs a better verification system. Prote...
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Chinese Banks Promise To Step Up Cryptocurrency Ban
Some of the biggest banks in China have promised to refuse help to customers that trade with Bitc...
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South Korea to Crush Crypto Ignited Illicit Activities
South Korea has announced to eliminate all cryptocurrency-related illegal activities including mo...
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National Audit Office Plans to Review FCA’s Responsibilities
The National Audit Office (NAO) plans to assess the Financial Conduct Authority (FCA)’s growing r...
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UKGC Revoked IMME’s Licence for AML Non-compliance
Licence of IMME was revoked by the UK Gambling Commission for not complying with the Anti-Money L...
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Taiwan Initiates Industry Association to Regulate Cryptocurrency Sector
Nine crypto exchange platforms formed a group to create an industry association to regulate Taiwa...
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SRA, India’s FIU, and the ACMA Issue Non-Compliance Fines Exceeding $2 Million
The Solicitors Regulation Authority [SRA], India’s Financial Intelligence Unit [FIU], and t...
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Atomic Wallet Hack Results in $35 Million Loss as Investigation Continues
Atomic Wallet users have reported losing millions of dollars worth of cryptocurrency. It was anno...
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FSA Japan Considers Imposing Stricter Regulation on Cryptocurrency
The updated regulation will be designed to provide better protection to Japanese investors.
Accor...
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Philippines AMLC Releases New Study for Suspicious Transactions Linked to Casino Junkets
The Philippines AMLC has officially published the latest study on suspicious transactions linked ...
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Danish Financial Regulatory Authority Orders Betfair to Address Money Laundering Violations
A subsidiary of Flutter Entertainment, Betfair International, has been sanctioned by the Danish f...
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Kyrgyzstan to Regulate Cryptocurrency for it be Recognized Legally
Central Bank in Kyrgyzstan has given out recommendations for regulating the crypto industry and g...
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EU Fines Hungary for Declining to Lift Restrictions on Foreign Funded NGOs
European Union, in Brussels, took an important step to penalize Hungary for not lifting restricti...
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Increasing Financial Crimes Call to Establish a European Center of Excellence For AML Compliance
EU financial and anti-financial crime regulations are more complicated than before and they reinf...
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Internet fraud complaints went up by 30% last year
As per Economic Affairs Minister Nathalie Muylle, Belgium’s Economic Inspection Unit received 29%...
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Monetary Authority of Singapore to Take Tougher Action Against Data Breaches
To address the data privacy concern, MAS has recommended that data privacy offences should be mad...
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EU Parliament Approves More Stringent Rules to Combat Money Laundering and Terrorist Financing
The latest EU Parliament vote approves the formation of a new anti-money laundering authority and...
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FATF’s New Regulations Will Help Sanctions Find Russian Targets
The Financial Action Task Force’s drive to eliminate the anonymity of corporate beneficiaries mak...
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Bitcoin scam exposes thousands to a data breach
Fraud websites have successfully stolen the personal records of a number of individuals from the ...
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Nigeria Remains on FATF Gray List Due to Compliance Failures
Nigeria failed to pass a full-scale AML system review conducted by the global regulatory authorit...
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Landry’s Inc. warns customers of the potential data breach
Landry’s Inc., a parent company of more than 60 restaurant chains, installed a payment processing...
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U.S States Open up to the Idea of Digital IDs in Post Pandemic World
The ID cards that were used by millions of people as proof of their identity may soon become a th...
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FInTech solutions to be incorporated by Chinese banks
According to International Data Corporation (IDC), an international market intelligence firm, as ...
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FCA Bans Crypto-Related Investments in the UK
Financial Conduct Authority- FCA had proposed a ban on crypto-related investments in October 2020...
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FATF issued guidance on risk-based AML/CFT policies
The Financial Action Task Force has issued finalised supervision on adopting a risk-based strateg...
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EU Limits Use of Cash and Cryptocurrency to Curb Financial Fraud
The European Union (EU) has issued new measures to limit use of cash and cryptocurrencies to tack...
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AML Program Risks Highlighted by the Pandora Papers Scandal
Experts have advised compliance officers to divert their focus on EDD, CDD, and UBO verification ...
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WhatsApp Receives Fine Worth $267m for Breaching EU’s Data Privacy Law
Ireland’s Data Protection Commission has stated that WhatsApp failed to inform EU citizens suffic...
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Colombian Financial Crime Unit Detects $20 Billion Potentially Linked to Money Laundering
Colombia’s Financial Crimes Unit has detected $20 billion in financial operations that are potent...
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BitGo settles with US Treasury; Sanctions Violations will Cost $98,830
The U.S. Treasury has settled with BitGo over costs that it helped users in authorised divisions ...
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Crypto-Supporting Digital Cards to be Launched Soon in China and Korea
UnionPay, an analogue for Visa and Mastercard service providers, has partnered with Danal, a Kore...
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The Cayman Islands Pleads to be Removed from the FATF’s ‘Gray List’ of Jurisdictions Suspected of Money Laundering
An initiative by the Cayman Islands in France, on June 19th, asked the Financial Authority Task F...
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New York Files Lawsuit Against Juul Following California and North Carolina
New York state is joining California and North Carolina in suing e-cigarette company, Juul, on th...
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Ireland’s Central Bank Found Gaps in Anti-Money Laundering Compliance Practices
Ireland’s Central bank has found that certain financial firms are lacking in regards to anti-mone...
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Bithumb, Coinone and Korbit Team Up for FATF Travel Rule Compliance
Bithumb, Coinone and Korbit have founded a joint venture to facilitate all efforts for maintainin...
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China’s Central Bank Fines Zhongtian Securities $216k for AML Breaches
China’s Central bank has fined Zhongtian Securities Co. Ltd. 1.37 million yuan ($216,000) for AML...
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China Announces Anti-foreign Sanctions Law
Under the new law, China has introduced countermeasures against senior managers and actual contro...
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Japan: FSA Sets a Firm Deadline For FI to Ensure Full AML/CFT Compliance
Japan’s Financial Services Agency (FSA) has strictly directed financial institutions to devise a ...
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RICS Urges Firms to Adopt ‘Extremely Careful’ Due Diligence Measures
The RICS has issued a statement for its members urging them to adopt ‘extremely careful’ measures...
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Livestreaming Helps Shanghai Police Crack Money Laundering Case
There has been an arrest of a live streamer by Shanghai police who had been tipped off by a live ...
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COJ Organizes Anti-Money Laundering Unit to Meet FATF Standards
The Companies Office of Jamaica (COJ) has established an AML and CFT unit to comply with FATF req...
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SFC Issues Warning on Unregulated Virtual Asset Platforms
Binance has announced that stock tokens will no longer be available on its website for purchase a...
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Shufti will provide 10 million free ID and face verifications
Shufti has launched one of a kind charity program for the non-profit and healthcare organizat...
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UAE Regulatory Authority Enforces Import Invoice Verification to Fight Trade-Based Money Laundering
United Arab Emirates (UAE) has implemented the latest compliance regulations for importing commod...
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FinCEN Says Russia Cannot Evade Sanctions with Crypto
Global lawmakers are taking a closer look at digital assets and how they can or cannot be used to...
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FCA Fines TJM Partnership Limited £2 Million for Money Laundering
The Financial Conduct Authority has fined the investment firm TJM Partnership Limited £2m for ser...
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US Government to Establish New Corporate Transparency Act Regulations to Verify UBOs
The US government is ready to change the process of reporting beneficial ownership. The final rul...
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UAE Central Bank Imposes Financial Sanctions on Six Banks for CDD Failures
Six banks in the UAE have been issued financial sanctions by the UAE Central Bank for not complyi...
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AMLC Freezes Assets of 16 Groups Labeled as Terrorist Organizations
The Anti-Money Laundering Council in the Philippines has frozen the accounts of 16 organizations ...
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Blockchain officially becomes part of China’s tech strategy
According to the National Development and Reform Commission (NDRC), China will use Blockchain to ...
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Sberbank Warns Russians; Cybercrime Cost the Nation $49bn in 2020
According to Russia’s largest state-owned bank, Sberbank, the total amount the citizens along wit...
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Treasury to Require Car Dealers to Reveal the Identities and Sources of Income of Buyers
The Treasury of Kenya will require car dealers to provide the identities and sources of their inc...
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The Financial Intelligence Analysis Unit Levies Fines Worth €2.2 Million in the First Half of 2023
The Financial Intelligence Analysis Unit fined €2.2 million in the first half of 2023. A constitu...
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Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively
Singapore and Europe have emerged with enhanced AML requirements for corporate services businesse...
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$8M seized, Four Arrested for Money Laundering Activities Across Sydney
The Sydney law enforcement authorities seized more than $8 million in cash and arrested four crim...
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UK Issues Crypto Framework for ICOs, Stablecoins, Exchanges and Regulators
The report covers crucial aspects of crypto regulation, aiming to foster growth in the sector wit...
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UK watchdog allows credit card and loan payment holidays to customers
The Financial Conduct Authority (FCA) has instructed top banks to offer three-month payment holid...
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